Iliad Partners Invests in Fetchr’s Series B Round
Dubai-based logistics startup Fetchr announced that it raised $41M in a series B round. Iliad Partners were a major investor in the round, with $2M investment. They joined a number of global and regional VCs who participated in the Series B round, which is led by Silicon Valley-based VC New Enterprise Associates (NEA), and includes Majid Al Futtaim Holding (MAF) and Nokia Growth Partners (NGP), among other investors.
According to Iliad Partners, this investment round is one of the largest Series B rounds in MENA; it comes at a time of high growth and rapid change in the MENA e-commerce sector following the landmark acquisition of Souq.com by Amazon.
Iliad Partners is stretching its arms to the emerging ecosystem of companies supporting digital commerce, where the firm sees an expanding range of promising opportunities. Within that context, the VC firm states that Fetchr is achieving high growth and scaling rapidly; it is solving a real problem in the last-mile delivery space in emerging markets via its innovative tech-enabled solution, driving faster, more accurate and efficient deliveries. This is creating a better customer experience, while helping merchants tackle the challenges of doing business in the Middle East and enabling them to achieve higher growth, improved metrics, and a better bottom line.